State of New Jersey Common Pension Fund D Cuts Holdings in T. Rowe Price Group, Inc. (NASDAQ:TROW)

State of New Jersey Common Pension Fund D reduced its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW) by 35.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 78,383 shares of the asset manager’s stock after selling 43,507 shares during the period. State of New Jersey Common Pension Fund D’s holdings in T. Rowe Price Group were worth $9,038,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Lynx Investment Advisory bought a new stake in shares of T. Rowe Price Group in the 2nd quarter valued at about $29,000. Family Firm Inc. purchased a new stake in T. Rowe Price Group in the second quarter valued at about $36,000. Versant Capital Management Inc raised its stake in T. Rowe Price Group by 660.5% in the second quarter. Versant Capital Management Inc now owns 327 shares of the asset manager’s stock valued at $38,000 after buying an additional 284 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in T. Rowe Price Group by 93.6% in the first quarter. EverSource Wealth Advisors LLC now owns 331 shares of the asset manager’s stock valued at $40,000 after buying an additional 160 shares during the last quarter. Finally, Riverview Trust Co raised its stake in T. Rowe Price Group by 136.4% in the second quarter. Riverview Trust Co now owns 357 shares of the asset manager’s stock valued at $41,000 after buying an additional 206 shares during the last quarter. 73.39% of the stock is owned by institutional investors.

Insider Buying and Selling at T. Rowe Price Group

In other news, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $115.85, for a total transaction of $162,305.85. Following the completion of the sale, the insider now owns 14,198 shares of the company’s stock, valued at $1,644,838.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Dorothy C. Sawyer sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $117.00, for a total transaction of $234,000.00. Following the completion of the sale, the vice president now owns 34,710 shares of the company’s stock, valued at $4,061,070. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jessica M. Hiebler sold 1,401 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $115.85, for a total value of $162,305.85. Following the transaction, the insider now owns 14,198 shares in the company, valued at $1,644,838.30. The disclosure for this sale can be found here. Insiders sold 15,370 shares of company stock valued at $1,627,078 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TROW has been the topic of several analyst reports. TD Cowen cut their price target on T. Rowe Price Group from $123.00 to $118.00 and set a “hold” rating on the stock in a research report on Monday, July 29th. Evercore ISI decreased their price objective on shares of T. Rowe Price Group from $115.00 to $108.00 and set an “in-line” rating on the stock in a report on Thursday, September 5th. Barclays started coverage on shares of T. Rowe Price Group in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $99.00 price target on the stock. StockNews.com downgraded shares of T. Rowe Price Group from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. raised their price objective on shares of T. Rowe Price Group from $102.00 to $107.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $113.30.

T. Rowe Price Group Stock Up 0.9 %

T. Rowe Price Group stock opened at $104.56 on Friday. The firm has a market capitalization of $23.28 billion, a PE ratio of 12.42, a P/E/G ratio of 1.67 and a beta of 1.41. The firm’s 50-day simple moving average is $109.60 and its 200 day simple moving average is $113.50. T. Rowe Price Group, Inc. has a 52 week low of $87.43 and a 52 week high of $122.27.

T. Rowe Price Group (NASDAQ:TROW) last announced its quarterly earnings data on Friday, July 26th. The asset manager reported $2.26 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.01). The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.79 billion. T. Rowe Price Group had a return on equity of 19.90% and a net margin of 28.66%. The company’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.02 earnings per share. On average, research analysts expect that T. Rowe Price Group, Inc. will post 9 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $1.24 dividend. This represents a $4.96 annualized dividend and a yield of 4.74%. The ex-dividend date of this dividend is Friday, September 13th. T. Rowe Price Group’s dividend payout ratio (DPR) is 58.91%.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.